vendredi 30 octobre 2015

We have moved in Germany ta little over two years ago, and one thing that seems essential for a foreigner wanting to live here is to keep their bank account from their homecountry and also their Visa or Mastercard. Why? I will explain:

In Germany, the two most used payment modes in the shops are cash and "EC", "Maestro" or "Girokarte" credit cards. The cheques are rare, don't bother in asking your banker for a cheque book.

The cards - Visa and Mastercard - are not accepted everywhere. More so, many restaurants and shops don't even have a bank terminal. Have cash with you at all times, it's mandatory when you have a family or couple outting. When France has forbidden payments in cash over a certain amount, it's not the case in Germany. You can pay your rent or some renovation work in your flat with cash... I didn't see yet suitcases full of bank notes, but I'm sure it's not an impossible feat in this country...

The payment cards EC, Maestro and Girokarte have specific GTU. About cash withdrawals, if you go to a dispenser from another bank (one not from the same bank group), you will have to pay charges. Not really fun to pay 3 or 4 euros for a 40€ withdrawal... Those cards are not always accepted in foreign countries either.

Visa cards and Mastercards are accepted in most cash dispensers and if your home bank don't take charges for withdrawals overseas (careful with the weekly maximum), you won't have nasty surprises. [But if it's a card from a German bank, read the notice on the dispenser to see if charges will be applied.] When we are in German towns we don't know and we can't find an agency from our bank, it's so useful to have a Visa or Mastercard at the dispenser.

When we go back to our home country, for holidays or for a definitive move back, having already a bank account and an active credit card make the administrative steps easy!

You like to shop on internet? It's not always possible to pay with an EC, Maestro or Girokarte, however that's not the case with a Visa or Mastercard!

And finally, regarding savings: the German savings accounts' interests are quite low. In comparison with the French ones, we have decided to keep our accounts in our French bank. Of course, it depends which country you come from and the applied rates on the savings accounts there. And, well, it also depends of your personnal funds and what you are looking for in savings (easily accessible, for your old days, or for buying a house, etc).

So my advice for people coming to live in Germany: take time to compare your bank (home country) and the one you will have in Germany. And keep your Visa / Mastercard!